Invictus Developments, owned by Indonesian billionaire Bachtiar Karim’s family, is expanding its presence in the Australian hotel industry with a A$29.8 million project to convert an office building in Sydney into a 152-room hotel. This acquisition is part of a series of investments by Invictus in Australia, totaling A$223.1 million since late 2022. The company’s goal is to build a $1 billion property portfolio within five years across Singapore, Australia, Japan, and the UK.
The 15-story office building on York Street in Sydney was purchased for A$52.5 million by Invictus in August 2023, marking its fourth property acquisition in Australia. The other properties acquired by the company include hotels in Sydney and Brisbane. With a focus on the hospitality sector, Invictus is determined to reach its target despite the challenges posed by the current economic climate. The company plans to continue expanding its portfolio while also strategically divesting some assets to reinvest in its core themes.
Invictus has already submitted a development application to the City of Sydney to convert the York Street building into a hotel, with plans to begin internal works in February 2024. The company anticipates completing the construction within 20 months, pending approval from the authorities. The Australian tourism sector, especially in Sydney and Brisbane, has shown resilience post-Covid-19, with international arrivals gradually increasing and domestic tourism remaining robust.
In addition to its investments in Australia, Invictus is also making progress in Singapore with the construction of a 143-room hotel, the Standard Hotel, near Orchard Road. The company expects this hotel to open in July of the current year. Bachtiar Karim’s family has a long history in the business world, with Bachtiar himself being ranked No. 15 on Forbes Asia’s Indonesia’s 50 Richest list with a fortune of $3.9 billion. The family’s business, Musim Mas, has been a prominent player in the palm oil industry.
With ambitious plans for growth and diversification, Invictus Developments continues to make strategic investments in the hospitality sector both in Australia and Singapore. Despite the challenges posed by the ongoing global pandemic, the company remains optimistic about the future of the tourism industry in these key markets. By leveraging its expertise and resources, Invictus aims to further expand its property portfolio and solidify its position as a key player in the hospitality industry in the region.
